Question

actice! Issuing Bonds at a Discount Issuing Bonds at a Discount On the first day of the fiscal year, a company issues a $5,900,000, 12%, 5-year bond that pays semiannual interest of $354,000 ($5,900,000 x 12% x 2) receiving cash of $5,687,929. ournalize the bond issuance. If an amount box does not require an entry, leave it blank. Cash 5,687,929 Discount on Bonds Payable Bonds Payable 5.900.000 Submit Answer Try Another Version Save and Exit You must finish your in-progress quiz take before you can submit your assignme Cengage Learning Cengage Technical Support

Answer 1

As per HOMEWORKLIB POLICY, we are required to answer the first one question if multiple independent questions are given. So we have answered the first one. Kindly post other questions separately again. Hope you understand as we are to follow the policy.

1	Journal entry to record the issue of bonds :-
	Date	Account Titles and Explanation			Debit	Credit
		Cash		Dr	$                             5,687,929
		Discount on bonds payable (5900000-5687929)		Dr	$                                212,071
		Bonds Payable				$          5,900,000
		(To record issue of bonds on discount)

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